All Forum Posts by: James Kirby

Hello Everyone,

My wife and I are purchasing our first investment property (4-plex) that has a few minor repairs that are needed. However, due to us not having great funds to start out we need to do a 3.5% FHA loan and live in a unit. The current tenants are all month to month so this should pose no issue.

      Upon walkthrough of the units there are two tenants that in my eyes must go due to the current living conditions they put themselves in (spliced an extension cord to install a chandelier above the kitchen sink draping it over the kitchen blinds). 

     I'm new to this and have always been known as a big Teddy Bear. Any advice on how to thicken my skin for evictions? Books to read, podcasts to follow, words to say to the tenants to lessen the blow?

    Keep in mind the situation above is just one item wrong with what the tenant is doing. I know I need to "Man Up" and deal with it but besides that.

Ps not asking for a friend. :)

That is what I am hoping to do. However, if the leases are not month to month, you're saying that the lease does remain active even with me taking new ownership, correct?

It makes sense as to why they would not want to evict any tenants until close and this is fine with me. They just are not giving me any information on any of the leases of said property.

I appreciate the information and reckon I will try to continue working with them on figuring this out.

I put in a bid on my first investment property but I am not quite sure how this works as I am obviously new to it. This is a 4 plex unit that is fairly nice with a little work that needs to be put into each one of the units. I would like 3 out of the 4 units to be empty upon me taking over the unit so that I can perform this work and also due to the loan I need to reside in the unit for 1 year. 

Currently, 1 unit is vacant and the other 2 that I want to be vacant need a lot of work and let's just say that the tenants are not taking care of the place the way that I would like my investment to be taken care of. 

I put my first bid in and it was rejected with no counteroffer. Their agent finally told us that it is due to us wanting 3 out of 4 of the units empty at the time I take over. What are my options in this situation? Am I legally obligated to uphold the current owner/tenant agreements in a 4-plex?